Many landlords make common mistakes during the marketing process that can significantly decrease their potential for filling a vacancy with an ideal tenant.
Learning to avoid these mistakes to maximize your chance of getting qualified tenants is vital to successfully marketing your rental property in today's competitive market.
From online advertising shortcuts to proper legal disclosures, we'll explore common mistakes landlords make when marketing their properties and show how avoiding them could save time, money, and resources.
Poor Quality Photos
One of the most common rental property marketing mistakes is poor presentation. A poorly presented rental property can leave potential tenants feeling unimpressed and without an incentive to apply.
It's essential to make your first impression a lasting one with professional photography or videography and presentation of the property online to grab the attention of potential tenants.
High-quality images and an accurate property description will help showcase the available rental and entice prospective tenants to book a viewing.
A good property listing will capture attention, create interest in your property, and ultimately result in successful lets.
Furthermore, add virtual tours, floor plans, and other features to your property listing to make it stand out. By investing time in presenting your rental property professionally, you’ll be more likely to secure great tenants quickly and reduce your vacancy periods.
Another common mistake landlords make when marketing their rental properties is relying too heavily on one source of advertising. Many landlords will focus solely on online or offline resources, but effective advertising requires combining the two.
Online sources include social media marketing, classified ads, listing sites, and pay-per-click campaigns, while offline sources range from newspaper ads to flyers, and signage.
Taking advantage of all available outlets can maximize a landlord's reach and help ensure that as many potential tenants as possible see their rental property.
Neglecting Tenant Screening
A big mistake a landlord can make when marketing a rental property is not taking the time to screen prospective tenants properly.
While it may seem daunting, effective tenant screening is essential to ensure that you’re renting your property to individuals who’ll be responsible and take good care of the unit.
If you neglect tenant screening, you risk accepting tenants who may be unable to pay their rent on time or at all. Poor tenant screening can also result in tenant damages to the property, create unsanitary living conditions, and disrupt the peace in your neighborhood.
Tenant screening doesn't have to be long and arduous; it just requires taking the appropriate precautions when selecting your tenants.
Get a complete rental application with references and contact information, conduct background checks, and verify the applicant's income to ensure they can afford the rent.
Failing to Conduct Adequate Market Research
With an ever-changing rental market, it's essential to stay on top of trends and industry changes so that you can best serve your customers and tailor your marketing efforts accordingly.
Many landlords must do this due diligence when creating their marketing plans, meaning their campaigns may need to be more effective. This can lead to wasted money and time and lost opportunities for potential tenants.
It’s essential to research your target market and ensure your advertising efforts are relevant and up-to-date. Consider researching trends in the area's rental market, such as average rent prices, types of renters, and other factors that could influence your marketing plan.
It's also a good idea to conduct online searches for rental properties similar to yours to get an idea of what works and what doesn't. With a better understanding of your target market, you can create more effective marketing campaigns that will help you attract more tenants.
Overpricing the Property
Overpricing your property is like filling a pail with more water than it can hold. It's a mistake that’s easy to make but can lead to big problems.
The longer it takes to fill your pail; the more water will evaporate. Similarly, if you price your rental property too high, finding a tenant may take much longer, which could mean losing profits.
When potential renters come to view the property, they’ll compare it to other rentals in the area and may be put off by your high asking price. This could mean you miss out on great tenants because you’ve pricing yourself out of their budget range.
The best way to avoid overpricing the property is to conduct proper research. Find out what other properties are going for and price yours accordingly.
It's also important to be realistic about the amenities you're offering. A higher rent should come with more features, not just a bigger property size or better location.
Not Catering to the Target Market
When marketing a rental property, a common mistake many landlords and investors make is not catering their message to the target market they’re trying to reach.
Many landlords need to remember that potential tenants are looking for more than just an affordable place; they need a home that fits their lifestyle and provides the desired amenities.
When advertising a rental property, focus on what tenants seek regarding location, features, amenities, and local attractions.
By appealing to the needs and desires of your target market, you can increase your chances of getting more qualified leads that are more likely to result in rental leasings.
Not Accepting Professional Help
There’s no better way to start a rental property business than by having the help of an experienced professional. Hiring a property management company can make all the difference in marketing your rental property.
Professional property managers have extensive knowledge and experience in real estate marketing, leasing, legal compliance, and tenant relations.
They’ll also be able to help you find the best tenants for your properties and provide access to a wide range of services that are essential to successful property management.
These common mistakes are often made by landlords during the property marketing process and can significantly decrease their potential for filling a vacant unit. With these tips, you can ensure that your rental property marketing is on the right track.
RentEasy can provide you with the guidance and expertise necessary to make your rental business successful. Contact us today to learn more!